US Stocks Close Lower as Tech Companies Weigh on Market
The S&P 500 and Nasdaq composite posted their worst week since June.
Stocks concluded trading lower on Wall Street Friday, with declines in major technology companies exerting downward pressure on the market. The S&P 500 index fell 1.1% and the Nasdaq composite dropped 2.1%, marking their most significant weekly losses since June.
The Dow Jones Industrial Average experienced a smaller decline, closing down 0.3%.
Weakness in chip companies continued as concerns lingered about the sustainability of the current enthusiasm for artificial intelligence development. Micron Technology saw its stock price decrease by 5.6%, while Intel fell 5.8%.
On Friday, October 16, 2026, the S&P 500 lost 84.62 points to finish at 7,659.44. The Dow Jones Industrial Average decreased by 175.28 points, ending the day at 52,002.41. The Nasdaq composite saw a substantial drop of 572.99 points, closing at 26,140.03. The Russell 2000 index, representing smaller companies, fell 45.90 points, or 1.7%, to 2,721.37.
For the week, the S&P 500 was down 1.9%, and the Nasdaq composite had fallen 4.5%. The Russell 2000 index was down 3% for the week. In contrast, the Dow Jones Industrial Average finished the week with a gain of 0.7%.
Year-to-date, the S&P 500 has risen 11.9%, and the Nasdaq composite has increased by 12.5%. The Dow Jones Industrial Average is up 8.2% for the year, and the Russell 2000 has gained 9.6%.